Homework Answers
1. Answer : 14,000
The number of outstanding shares = Issued Shares - Treasury Shares = 20,000 - 6,000 = 14,000.
2. Answer: Write down of inventories.
3. Answer: Debit Retained Earnings $ 232,000 credit Common Stock Dividend Distributable $ 232,000.
As 20 % stock dividend is categorized as a large dividend, and hence the issuance is recorded at par value.
Therefore, the value at which the stock dividend will be recorded = 58,000 x 20 % x $ 20 = $ 232,000
4. Answer: Debit Retained Earnings $ 5,600 credit Common Dividends Payable $ 5,600.
11,200 shares outstanding x $ 0.50 = $ 5,600.
5. Answer: The income tax effects of a discontinued segment are combined with income tax from continuing operations.
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The following data were reported by a corporation 25, 000 Authorized shares Issued shares Treasury shares...
The following data were reported by a corporation: Authorized shares 36,000 Issued shares 31,000 Treasury shares...
The following data were reported by a corporation: Authorized shares 36,000 Issued shares 31,000 Treasury shares 11,500 The number of outstanding shares is: Multiple Choice 31,000. Ο 19,500. Ο 36,000. The number of outstanding shares is: Multiple Choice o 31,000. o 19,500. o 36,000. o 47,500. o 24,500. Mayan Company had net income of $30,780. The weighted-average common shares outstanding were 8,100. The company declared a $2,800 dividend on its noncumulative, nonparticipating preferred stock. There were no other stock transactions....
The following data were reported by a corporation: Authorized shares 34,000 Issued shares 29,000 Treasury shares...
The following data were reported by a corporation: Authorized shares 34,000 Issued shares 29,000 Treasury shares 10,500 The number of outstanding shares is: Multiple Choice Ο Ο 23,500. Ο 18,500. Ο 44,500. Ο 34,000.
Land Corporation reported the following: Common Stock, $5.00 par, 208,000 shares authorized, 162,000 shares issued Paid...
Land Corporation reported the following: Common Stock, $5.00 par, 208,000 shares authorized, 162,000 shares issued Paid in Capital in Excess of Par—Common Retained Earnings Total Stockholders' Equity $810,000 200,000 215,000 $1,225,000 Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $15.50 per share? O A. Paid – In Capital from Treasury Stock Transactions is credited for $430,000. OB. Retained Earnings is debited for $620,000. OC. Common Stock-$5.00...
Last year Easton Corporation reported sales of $790,000, a contribution margin ratio of 20% and a...
Last year Easton Corporation reported sales of $790,000, a contribution margin ratio of 20% and a net loss of $31,000. Based on this information, the break-even point was Multiple Choice Ο Ο S635,000 Ο $1,100,000 Ο . $821000 Ο 6946,000 Fernstrom Corporation has two divisions: East and West. Data from the most recent month appear below: Sales Variable expenses Traceable fixed expenses East $330,000 $132,000 $140,000 West $144,000 $ 76, 320 $ 43,000 The company's common fixed expenses total $52,140....
Land Corporation reported the following: Common Stock, $5.00 par, 217,000 shares authorized, 178,000 shares issued $890,000...
Land Corporation reported the following: Common Stock, $5.00 par, 217,000 shares authorized, 178,000 shares issued $890,000 Paid in Capital in Excess of Par—Common 202,000 Retained Earnings 231,000 Total Stockholders' Equity $1,323,000 Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $13.50 per share? OA. Paid - In Capital from Treasury Stock Transactions is credited for $190,000. OB. Treasury Stock-Common is debited for $540,000. OC. Common Stock-$5.00 Par...
A recent income statement of McClennon Corporation reported the following data: X 00:48:29 Units sold Sales revenue Var...
A recent income statement of McClennon Corporation reported the following data: X 00:48:29 Units sold Sales revenue Variable costs Pixed costs 8,500 $10,625,000 5,525, ODD 2,780,000 If the company desired to earn a target profit of $2,620,000, it would have to sell: Multiple Choice 5,178 units. 9.000 units. O 10.560 units. O 12.308 units. None of the answers is correct
Keyser Corporation, which has only one product, has provided the following data concerning its most recent...
Keyser Corporation, which has only one product, has provided the following data concerning its most recent month of operations Selling price $ 157 Units in beginning inventory Units produced Units sold Units in ending inventory 1,250 9,150 9,250 1,150 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $ 73,200 $166,000 The company produces the same number of units every month, although the...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
The following data were reported by a corporation: Authorized shares 36,000 Issued shares 31,000 Treasury shares 11,500 The number of outstanding shares is: Multiple Choice 31,000. Ο 19,500. Ο 36,000. The number of outstanding shares is: Multiple Choice o 31,000. o 19,500. o 36,000. o 47,500. o 24,500. Mayan Company had net income of $30,780. The weighted-average common shares outstanding were 8,100. The company declared a $2,800 dividend on its noncumulative, nonparticipating preferred stock. There were no other stock transactions....
The following data were reported by a corporation: Authorized shares 34,000 Issued shares 29,000 Treasury shares 10,500 The number of outstanding shares is: Multiple Choice Ο Ο 23,500. Ο 18,500. Ο 44,500. Ο 34,000.
Land Corporation reported the following: Common Stock, $5.00 par, 208,000 shares authorized, 162,000 shares issued Paid in Capital in Excess of Par—Common Retained Earnings Total Stockholders' Equity $810,000 200,000 215,000 $1,225,000 Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $15.50 per share? O A. Paid – In Capital from Treasury Stock Transactions is credited for $430,000. OB. Retained Earnings is debited for $620,000. OC. Common Stock-$5.00...
Last year Easton Corporation reported sales of $790,000, a contribution margin ratio of 20% and a net loss of $31,000. Based on this information, the break-even point was Multiple Choice Ο Ο S635,000 Ο $1,100,000 Ο . $821000 Ο 6946,000 Fernstrom Corporation has two divisions: East and West. Data from the most recent month appear below: Sales Variable expenses Traceable fixed expenses East $330,000 $132,000 $140,000 West $144,000 $ 76, 320 $ 43,000 The company's common fixed expenses total $52,140....
Land Corporation reported the following: Common Stock, $5.00 par, 217,000 shares authorized, 178,000 shares issued $890,000 Paid in Capital in Excess of Par—Common 202,000 Retained Earnings 231,000 Total Stockholders' Equity $1,323,000 Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $13.50 per share? OA. Paid - In Capital from Treasury Stock Transactions is credited for $190,000. OB. Treasury Stock-Common is debited for $540,000. OC. Common Stock-$5.00 Par...
A recent income statement of McClennon Corporation reported the following data: X 00:48:29 Units sold Sales revenue Variable costs Pixed costs 8,500 $10,625,000 5,525, ODD 2,780,000 If the company desired to earn a target profit of $2,620,000, it would have to sell: Multiple Choice 5,178 units. 9.000 units. O 10.560 units. O 12.308 units. None of the answers is correct
Keyser Corporation, which has only one product, has provided the following data concerning its most recent month of operations Selling price $ 157 Units in beginning inventory Units produced Units sold Units in ending inventory 1,250 9,150 9,250 1,150 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $ 73,200 $166,000 The company produces the same number of units every month, although the...
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